Obama may compromise on consumer agency to pass financial regulation

[kpete]

Source: Washington Post

Obama may compromise on consumer agency to pass financial regulation

By David Cho and Brady Dennis
Washington Post Staff Writer
Thursday, February 25, 2010

The Obama administration is no longer insisting on the creation of a stand-alone consumer protection agency as a central element of the plan to remake regulation of the financial system.

In hopes of quick congressional approval of a reform bill, White House officials are opening the door to compromise with lawmakers concerned about creating a new bureaucracy, according to congressional and some administration sources.

President Obama's economic team is now open to housing the consumer regulator inside another agency, such as the Treasury Department, though they still prefer a stand-alone agency. In either case, they are insisting on a regulator with political autonomy and real teeth so it can effectively enforce rules designed to protect consumers of mortgages, credit cards and other financial products.

The administration may also have to compromise on Obama's recent proposal for a rule to limit risky activities at banks by prohibiting them from engaging in many kinds of speculative investments.

Read more: http://www.washingtonpost.com/wp-dyn/content/article/2010/02/24/AR2010022405573.html?hpid%3Dtopnews%E2%8A%82=AR

[NightWatcher]

1. I'm loving how he'll stand for something for about a week before capitulating

gawd bless Citizens United v FEC

[dipsydoodle]

2. compromise

on Obama's recent proposal for a rule to limit risky activities at banks by prohibiting them from engaging in many kinds of speculative investments.

Brace yourselves for Son of Depression coming to a location near you in the not too distant future.

[onehandle]

3. No. Full agency with Elizabeth Warren in charge.

We will accept no less, Mr. President.

This is an easy thing. Create it and move on to the next thing.

[babylonsister]

4. May? So the WaPo is speculating again? What a surprise. nt

[dflprincess]

12. They're probably trying to be kind

because when it comes to Obama caving in it looks more and more like it's not a question of "may" but of "when".

[OHdem10]

5. Capitulation on these serious Financial Reforms will simply give

Wall Street the greenlight to repeat their last crisis. Wonder
how long before we have another failure??

When is the Democratic Party going to take a stand and against
the Greed on Wall Street instead of enabling it????

[KoKo]

6. Repug Corker and Dem Mark Warner were falling all over themselves on CNBC this a.m.

talking about how they were "working together" to let the "markets regulate themselves. The right wing anchors were salivating over how banking reform restrictions wouldn't be that binding.

So, no return of Glass-Steagall and Warner and Corker pretty much said the Consumer Protection Agency would not be a good idea because it's better to let the industry police it's own.

[Donnachaidh]

7. Obama's getting good at 3 card monti

See -- see where the bean is? It's under this shell, isn't it?

:puke:

[alarimer]

8. I am so sick of this spineless weasel.

I will NEVER vote for him again.

[Iowa]

13. +1

[SlingBlade]

9. "Obama may compromise". Imagine That !

[Hell Hath No Fury]

10. Dude, you stole my post heading!

Great minds think alike. :D

[SlingBlade]

11. D'OH ! Sorry :)